Lifeist Wellness Shakes Up Leadership Amid Financial Headwinds

TORONTO, ON – January 07, 2026 – Lifeist Wellness Inc. (TSXV: LFST) announced a significant leadership transition today, with Chief Executive Officer Andrea Judge stepping down and Chief Financial Officer Lachlan McLeod appointed as Interim CEO. The move comes as the wellness company navigates challenging financial waters and seeks to solidify its strategic focus on its key U.S. biosciences subsidiary, Mikra Cellular Sciences.

In a planned transition effective January 7, 2026, Ms. Judge exits the CEO role but will remain a director on the company's board. Mr. McLeod will now hold the dual responsibilities of Interim CEO and CFO, a move the company says is designed to ensure “financial and operational continuity.” The leadership shuffle is further compounded by the resignation of Meni Morim, a former CEO and Chairman, as a director of the company, effective January 30, 2026.

“Andrea has made important contributions to Lifeist, and on behalf of the Company, I thank her for her leadership and dedication,” said Mr. McLeod in the official announcement. Ms. Judge expressed her support for the change, stating, “It has been a privilege to lead Lifeist during an important period of progress. I support this transition and, as a continuing director, remain confident that Lachlan's leadership and familiarity with the business will ensure continuity and support the Company's next phase.”

A Pivot Amid Financial Pressure

The leadership overhaul is set against a backdrop of considerable financial pressure and volatile stock performance. Lifeist's stock (TSXV: LFST) has been in a prolonged bearish cycle, trading at just CAD $0.0450 as of January 6, 2026, a steep decline from its 52-week high of CAD $0.150. The two weeks leading up to the announcement saw the stock lose over 35% of its value, reflecting persistent investor concern.

These concerns are rooted in the company's recent financial reports. For the fiscal year ending November 30, 2024, Lifeist reported a sharp 56.86% year-over-year revenue decrease, falling to CAD $588,802 from $1.36 million the previous year. While the company managed to narrow its net loss significantly to CAD $1.45 million, its consolidated financial statements for that period highlighted a “material uncertainty relating to going concern.” This disclosure, stemming from recurring losses and consistent cash burn, signals auditors' doubts about the company's ability to sustain operations without additional financing or a significant turnaround.

Even as third-quarter 2025 results showed a smaller loss per share compared to the prior year, the underlying financial fragility remains a critical issue. The appointment of the company's top financial officer to the chief executive role appears to be a direct response to this reality, prioritizing fiscal discipline and stability during a precarious period.

The CFO Takes the Helm: A Dual Mandate for Stability

Lachlan McLeod’s appointment to the dual role of Interim CEO and CFO is a clear signal that Lifeist's board is prioritizing a steady hand on the company’s finances. In such a structure, one individual has comprehensive insight into both strategic direction and the capital available to execute it. This can streamline decision-making and ensure that every operational move is scrutinized through a rigorous financial lens—a crucial capability for a company with a noted “going concern” risk.

However, this concentration of power is not without its challenges. Corporate governance best practices typically advocate for the separation of CEO and CFO roles to maintain a system of checks and balances. For investors, a dual-role executive can be a mixed signal. On one hand, it suggests a lean, cost-conscious approach. On the other, it can raise questions about the company’s ability to attract executive talent and whether one person can effectively manage the distinct demands of both strategic leadership and detailed financial oversight.

Mr. McLeod is tasked with executing on near-term objectives while steering the broader strategy. His immediate focus will likely be on the prudent capitalization efforts and short-term growth objectives that the company outlined as strategic initiatives for 2025, a strategy developed under his predecessor.

The End of an Era and a New Chapter

The departure of two key leaders marks a definitive turning point for Lifeist. Andrea Judge’s tenure as CEO, which began in early 2025, was characterized by an aggressive push to revitalize the company’s flagship brand, Mikra Cellular Sciences. Throughout 2025, the company announced a flurry of initiatives under her leadership, including a major brand refresh for Mikra, the launch of a new e-commerce platform, an expansion of its product portfolio, and a strategic relaunch on Amazon.com. These moves were aimed at capturing a larger share of the burgeoning wellness market, but they have yet to translate into the robust revenue growth needed to offset the company's cash burn.

Perhaps more symbolic of the company's evolution is the complete exit of Meni Morim. As a former CEO and Chairman who guided the company since 2019, Morim was instrumental in its most significant structural transition: the pivot from its identity as Namaste Technologies, a cannabis-focused entity, to Lifeist Wellness Inc. in 2021. He oversaw the strategic shift toward the broader wellness sector and the creation of Mikra. His resignation from the board severs the final leadership link to that transformative era, clearing the way for a new phase of governance.

“The Company thanks Meni Morim for his leadership as CEO and Chairman during his tenure since 2019,” Mr. McLeod stated. “Meni played a pivotal role in navigating the Company through key structural transitions and milestones.”

All Eyes on Mikra Cellular Sciences

Despite the leadership turmoil, Lifeist's strategic narrative remains firmly anchored to Mikra Cellular Sciences, which it consistently refers to as its “key asset.” Positioned at the forefront of the “post-pandemic wellness revolution,” Lifeist's strategy is to build brands that capitalize on a global wellness market projected to reach $9.0 trillion by 2028. Mikra, a U.S.-based biosciences company focused on cellular performance and cognitive health, is the cornerstone of this vision.

Throughout 2025, Lifeist invested heavily in building Mikra’s market presence. This included strategic partnerships with fitness platforms like the ASICS Runkeeper app to target athletes and the launch of new “Mind-First” formulations. The relaunch on Amazon in October 2025 was designed to make its science-backed products more accessible to U.S. consumers and drive sustainable growth.

With a CFO now at the helm, the central question is how the strategy for Mikra will evolve. The focus may shift from aggressive, cash-intensive brand-building to a more disciplined, ROI-driven approach. Mr. McLeod’s challenge will be to balance the fiscal realities facing Lifeist with the need to continue investing in its primary growth engine. The company’s ability to stabilize its finances while proving the commercial viability of Mikra in a highly competitive market will ultimately determine the success of this new leadership chapter.